SSO vs. MTUM

Last updated Jun 13, 2026

SSO (ProShares Ultra S&P500) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - SSO is a Leveraged Equities fund tracking the S&P 500, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, SSO returned 24.02%/yr vs 17.15%/yr for MTUM. Their correlation of 0.86 suggests significant overlap in exposure. SSO charges 0.87%/yr vs 0.15%/yr for MTUM.

Performance

SSO vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P500 (SSO) and iShares MSCI USA Momentum Factor ETF (MTUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSO achieves a 15.08% return, which is significantly lower than MTUM's 29.72% return. Over the past 10 years, SSO has outperformed MTUM with an annualized return of 24.02%, while MTUM has yielded a comparatively lower 17.15% annualized return.

SSO

• 1D: 1.03%
• 1M: -0.82%
• YTD: 15.08%
• 6M: 15.47%
• 1Y: 43.79%
• 3Y*: 34.18%
• 5Y*: 18.57%
• 10Y*: 24.02%

MTUM

• 1D: 1.69%
• 1M: 6.22%
• YTD: 29.72%
• 6M: 30.51%
• 1Y: 40.78%
• 3Y*: 33.16%
• 5Y*: 14.96%
• 10Y*: 17.15%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SSO vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSO ProShares Ultra S&P500	15.08%	26.19%	43.48%	46.65%	-38.98%	60.57%	21.54%	63.45%	-14.60%	44.35%
MTUM iShares MSCI USA Momentum Factor ETF	29.72%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Correlation

The correlation between SSO and MTUM is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.86

The correlation between SSO and MTUM has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

SSO vs. MTUM - Sectors Allocation Comparison

Sectors	SSO	MTUM
Technology	35.6%	44.4%
Financial Services	11.8%	10.4%
Communication Services	11.2%	7.4%
Consumer Cyclical	10.1%	3.6%
Healthcare	8.5%	6.9%
Industrials	8.3%	15.6%
Consumer Defensive	4.9%	3.3%
Energy	3.5%	3.5%
Utilities	2.4%	1.6%
Real Estate	1.9%	1.8%
Basic Materials	1.8%	1.7%

Return for Risk

SSO vs. MTUM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SSO

SSO Risk / Return Rank: 59
SSO Sharpe Ratio Rank: 62
SSO Sortino Ratio Rank: 55
SSO Omega Ratio Rank: 58
SSO Calmar Ratio Rank: 55
SSO Martin Ratio Rank: 66

MTUM

MTUM Risk / Return Rank: 73
MTUM Sharpe Ratio Rank: 70
MTUM Sortino Ratio Rank: 66
MTUM Omega Ratio Rank: 70
MTUM Calmar Ratio Rank: 78
MTUM Martin Ratio Rank: 81

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SSO vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and iShares MSCI USA Momentum Factor ETF (MTUM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SSO	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.96	-0.17
Sortino ratio: Return per unit of downside risk	2.33	2.62	-0.29
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	2.42	3.55	-1.13
Martin ratio: Return relative to average drawdown	10.37	13.66	-3.29

SSO vs. MTUM - Sharpe Ratio Comparison

The current SSO Sharpe Ratio is 1.79, which is comparable to the MTUM Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of SSO and MTUM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SSO vs. MTUM - Drawdown Comparison

The maximum SSO drawdown since its inception was -84.67%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for SSO and MTUM.

Drawdown Indicators

	SSO	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-84.67%	-34.08%	-50.59%
Max Drawdown (1Y) Largest decline over 1 year	-18.17%	-11.54%	-6.63%
Max Drawdown (3Y) Largest decline over 3 years	-35.21%	-20.99%	-14.22%
Max Drawdown (5Y) Largest decline over 5 years	-46.73%	-32.28%	-14.45%
Max Drawdown (10Y) Largest decline over 10 years	-59.34%	-34.08%	-25.26%
Current Drawdown Current decline from peak	-4.94%	-1.55%	-3.39%
Average Drawdown Average peak-to-trough decline	-19.55%	-6.20%	-13.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	2.99%	+1.25%

Volatility

SSO vs. MTUM - Volatility Comparison

The current volatility for ProShares Ultra S&P500 (SSO) is 8.74%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 10.89%. This indicates that SSO experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSO	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.74%	10.89%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	19.17%	18.63%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	24.54%	20.87%	+3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.78%	20.94%	+12.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.95%	21.20%	+14.75%

SSO vs. MTUM - Expense Ratio Comparison

SSO has a 0.87% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

SSO vs. MTUM - Dividend Comparison

SSO's dividend yield for the trailing twelve months is around 0.64%, more than MTUM's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.61%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
SSO ProShares Ultra S&P500	0.64%	0.68%	0.85%	0.18%	0.50%	0.18%	0.20%	0.50%	0.75%	0.39%	0.51%	0.63%

Frequently Asked Questions

Can I hold both SSO and MTUM in my portfolio?

SSO and MTUM have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSO or MTUM?

MTUM has higher volatility (10.89%) compared to SSO (8.74%). In terms of maximum drawdown, SSO dropped -84.67% vs MTUM's -34.08%.

Which ETF is better, SSO or MTUM?

On 10-year performance, SSO leads with 24.02% vs 17.15% for MTUM. On fees, MTUM is cheaper at 0.15% per year. On volatility, SSO has been the lower-risk option at 8.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSO or MTUM?

Over the 10-year period, SSO has performed better with a 24.02% return vs 17.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSO or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.87% for SSO.

Which ETF pays a higher dividend yield, SSO or MTUM?

SSO has the higher dividend yield at 0.64%, compared with 0.61% for MTUM.

What is the main difference between SSO and MTUM?

SSO is categorized as Leveraged Equities, while MTUM is Momentum. SSO tracks S&P 500, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.87% for SSO and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (1.96 vs 1.79), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.